As an example of government and regulatory efforts, it was introduced that the Japan TCFD consortium was established in May 2019 as an industry-led initiative, with the Ministry of Economy, Trade and Industry, the Financial Services Agency, and the Ministry of the Environment as observers. It was also noted that Japan has the largest number of TCFD supporters.

“In addition, in May 2019, METI, JFSA, and MOE arranged an industry-led TCFD consortium for supporters to further promote quality reporting. Japan has the largest number of TCFD supporters, and this public-private partnership can be seen as a model for promoting adoption of the TCFD recommendations at a national level. With strong support from the METI, JFSA, and MOE, the consortium aims to facilitate constructive dialogues between institutional investors and financial institutions and companies specifically on the climate-related financial disclosures recommended by the TCFD. Keidanren, the Japanese Business Association, has joined the consortium as one of the founding members, signaling to Japanese companies the importance of climate-related financial disclosure.